Everyone is familiar with many of the challenges the life sciences industry has faced in recent years: the patent cliff, changing product portfolios to more specialized medicines, shifting demographics, rising costs of care, new technologies and changing health policies. Managing risk against this backdrop is becoming more important than ever.
Accenture’s 2013 Global Risk Management Study explores not only the current trends in risk management, but the challenges that lie ahead. Over the coming weeks, I’ll reveal the most salient findings from our study as they specifically relate to life sciences.
Today, let’s look at what survey respondents—executives from organizations in the life sciences sector—view as the top external pressures:
The greatest proportion sees legal, market and business risks as rising over the next two years.
Respondents in Europe, in particular, forecasted a rise in legal risks, which may be related to the ongoing Eurozone crisis where one executive noted that having drugs approved and reimbursed is becoming more difficult.
Life sciences companies are not leaving their fate to change. They’re becoming more prepared for an era of rising risk by taking a number of critical steps. Join me next week when I explore what these companies are doing to manage emerging risks.
In the meantime to learn more: